Saturday, June 8, 2013

There is no change to the wave count since the last update. The impulse wave higher that appears to have unfolded was followed by a corrective wave lower, then another minor high. Taken alone, this structure higher since the Thursday low is bullish and suggests additional movement higher, perhaps after a sideways correction unfolds.

On a larger scale, the sell-off since the last all-time high now looks extremely corrective given the Thursday-Friday rally's wave overlaps.

(4) may be complete, but it still appears a bit small compared to (2). So the wave count presented weeks ago remains the same: sideways wave (4) underway with A now complete and B underway.

There is no change to the wave count since the last update. The impulse wave higher that appears to have unfolded was followed by a corrective wave lower, then another minor high. Taken alone, this structure higher since the Thursday low is bullish and suggests additional movement higher, perhaps after a sideways correction unfolds.

On a larger scale, the sell-off since the last all-time high now looks extremely corrective given the Thursday-Friday rally's wave overlaps.

(4) may be complete, but it still appears a bit small compared to (2). So the wave count presented weeks ago remains the same: sideways wave (4) underway with A now complete and B underway.

My trading philosophy is 95% based on my own Elliott Wave analysis of the S&P 500. I try to keep my analysis and trading as simple as possible and do not use trend lines, channels, or definite retracement, price, or time targets. To me, inspecting the proportionality and symmetry of a market's price structure is the key to mastering the principle; it is through this that low-risk, high-reward trading opportunities are found.

Because they are the only things I look at when trading, the quality of the charts I post on this blog are very important to me. I think you will find my work to be the best Elliott Wave analysis of the S&P 500 on the internet.